Settled in 1877, Orem is located 45 miles south of Salt Lake City. With over 90,000 residents, Orem is the second largest in Utah County; and the fifth most populated city in the state of Utah. Its elevation is 4,774 ft above sea level and has a total land area of 18.3 square miles.
Orem uses the slogan "Family City USA", and in 2010, Forbes rated Orem as the fifth best place to raise a family. Utah Valley University is located in Orem and it is one of the only Open Enrollment Universities in the US.
The number of people looking for homes for sale in Orem, UT is increasing steadily with each year. Because the area is bringing high paying jobs to the Utah economy, the Orem, UT housing market is likely to remain strong and stable.
Utah County leaders are anticipating an influx of 1 million new residents over the next decade. And because Orem, UT has developable land available, home builders in Orem, UT are busy building new homes for the influx of Orem, UT homeowners and move-ins.
Although the homes for sale in Orem, UT are experiencing both a shortage and an increase in value, the demand for houses for sale in Orem, UT has remained stable.
The current housing shortage in Orem, UT is likely due to the quality of life that has become one of the greatest selling points for its residents. It's no wonder Utah County home prices ranked the second highest along the Wasatch Front.
Across the five counties making up the Wasatch Front region, Utah County is the second most active market, capturing 22% of all single-family home sales. And the city of Orem, UT is experiencing similar growth as well.
New Homes in Orem, Utah
For information about New Homes in Orem, Utah, please call Brett Sampson of KW Westfield Keller Williams Real Estate directly at (435) 862-8993. Brett can help you understand which options will best suit your needs and your budget. Currently, the following builders are building in the area:
Arive Homes in Orem, Utah
Bach Homes in Orem, Utah
Candlelight Homes in Orem, Utah
Edge Homes in Orem, Utah
Ivory Homes in Orem, Utah
Millhaven Homes in Orem, Utah
Silicon Slopes is Beginning to Look Like the Real Deal
Utah County has acquired the nickname of "Silicon Slopes," thanks to a sturdy "high-tech" sector and broad-based job and wage increase. Silicon Slopes is beginning to look like the real deal, and this will likely bring high paying jobs to the Utah economy. When considering the 1) healthy population growth, 2) a steady job market, and 3) homes that remain affordable, this makes the Orem, UT area very attractive and the long-term outlook very good.
All of the employment possibilities in our state are proving to be incentives for out-of-state "transplants" or newly graduated college students to make Utah their new residence. Utah's increase in demand for real estate housing is showing to be a significant factor for the sustained increase in property values. Utah's unemployment rate registered at 3 percent — the lowest rate in Utah since early 2008 just before the Great Recession.
Utah Anticipating an Influx of 1 Million New Residents
Anticipating an influx of 1 million new residents, and their obvious need for housing, education, employment, transport and recreation, Utah County officers began a "visioning and planning" effort this week; in anticipation of staying ahead of that curve and sustaining the quality of life that has become one of Utah's greatest selling points.
According to Utah Economist, Natalie Gochnour, "It really comes down to proximity and land availability...Right now, there are about 230,000 acres of developable land in Utah County while Salt Lake County is down to 30,000 to 40,000 acres. When businesses and residents locate to Utah County, they get the less expensive housing and commercial real estate."
Orem, UT Will Continue To See Exceptional Growth
Orem, UT will continue to see exceptional growth with commercial real estate as well. There has been a surge of large, tech companies moving into the state of Utah. These companies are drawn to Utah County because of the skilled and educated workforce willing to work for a competitive wage. As first-time buyers struggled to qualify for escalating home values, many turned to town-homes and condominiums. Recently, condominium sales have increased to an alarming degree. Utah County saw its condo sales rise 15%.
Utah County Home Prices Ranked Second Highest
As an obvious desirable place to live, Utah County home prices ranked the second highest along the Wasatch Front at a median price of $287,000. Also, Utah County is the second most active market, capturing 22% of all single-family home sales across the five counties making up the Wasatch Front region. Experts are forecasting Utah to be one of the top 5 states in terms of growth of market and value of property. In fact, the Orem/Provo area was ranked as the best preforming city in the county according to the Milken Institute.
Quick Facts About Orem, UT
- Orem is a city in Utah County, Utah that was settled in the year 1877.
- Orem is located 45 miles south of Salt Lake City.
- The total population of Orem is 90,749, with a density of 4,826.6 residents per square mile.
- Orem is the fifth most populated city in the state of Utah and the second largest in Utah County.
- The city is 18.3 square miles, with all 18.3 consisting of land area.
- The elevation of Orem is 4,774 feet above sea level.
- Utah Valley University is located in Orem and it is one of the only Open Enrollment Universities in the US.
- Orem uses the slogan "Family City USA." And in 2010, Forbes rated Orem as the fifth best place to raise a family.
- Orem is well-known for the Timpanogos Storytelling Festival that takes place each year on Labor Day Weekend.